USS Investment Management Ltd Sells 13,400 Shares of Northern Trust Corporation $NTRS

Key Points

• USS Investment Management Ltd reduced its stake in Northern Trust Corporation by 27.0%, selling 13,400 shares during the 1st quarter, leaving them with 36,139 shares valued at $3,564,000.
• Several institutional investors, including Massachusetts Financial Services Co. and Bank of New York Mellon Corp, have increased their holdings in Northern Trust, indicating a bullish sentiment despite USS Investment Management's decision.
• Northern Trust recently announced a quarterly dividend hike from $0.75 to $0.80 per share, representing a 2.5% dividend yield, with a payout date scheduled for October 1st.

USS Investment Management Ltd lowered its stake in shares of Northern Trust Corporation (NASDAQ:NTRS - Free Report) by 27.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,139 shares of the asset manager's stock after selling 13,400 shares during the period. USS Investment Management Ltd's holdings in Northern Trust were worth $3,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of NTRS. Continuum Advisory LLC raised its position in shares of Northern Trust by 5,340.0% during the first quarter. Continuum Advisory LLC now owns 272 shares of the asset manager's stock valued at $27,000 after buying an additional 267 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in Northern Trust in the first quarter worth $29,000. Wayfinding Financial LLC bought a new stake in Northern Trust in the first quarter worth $35,000. Caitong International Asset Management Co. Ltd bought a new stake in Northern Trust in the first quarter worth $43,000. Finally, Assetmark Inc. increased its position in Northern Trust by 54.9% in the first quarter. Assetmark Inc. now owns 584 shares of the asset manager's stock worth $58,000 after purchasing an additional 207 shares during the last quarter. Institutional investors own 83.19% of the company's stock.

Northern Trust Trading Down 0.0%

NASDAQ NTRS traded down $0.06 on Friday, hitting $129.42. 801,946 shares of the stock were exchanged, compared to its average volume of 902,200. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a fifty day moving average price of $127.95 and a two-hundred day moving average price of $111.62. The firm has a market capitalization of $24.75 billion, a P/E ratio of 15.21, a P/E/G ratio of 1.54 and a beta of 1.30. Northern Trust Corporation has a 52-week low of $81.62 and a 52-week high of $133.00.

Northern Trust (NASDAQ:NTRS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The asset manager reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.05. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.96 billion. Northern Trust had a net margin of 11.75% and a return on equity of 14.06%. The business's revenue was down 26.4% on a year-over-year basis. During the same period in the previous year, the firm earned $4.34 earnings per share. Research analysts forecast that Northern Trust Corporation will post 8.27 EPS for the current fiscal year.

Northern Trust Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be paid a dividend of $0.80 per share. This is an increase from Northern Trust's previous quarterly dividend of $0.75. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, September 5th. Northern Trust's payout ratio is presently 37.60%.

Analysts Set New Price Targets

NTRS has been the topic of several research reports. Evercore ISI boosted their price target on shares of Northern Trust from $108.00 to $121.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods restated an "underperform" rating and issued a $118.00 price target (down previously from $120.00) on shares of Northern Trust in a research report on Thursday, July 24th. Morgan Stanley boosted their price target on shares of Northern Trust from $103.00 to $106.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Barclays boosted their price target on shares of Northern Trust from $128.00 to $136.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Finally, The Goldman Sachs Group boosted their price target on shares of Northern Trust from $89.00 to $101.00 and gave the stock a "sell" rating in a research report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $119.58.

Insider Activity

In related news, Director Robert Edward Jr. Moritz bought 256 shares of the stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost of $126.34 per share, with a total value of $32,343.04. Following the completion of the purchase, the director owned 2,525 shares of the company's stock, valued at $319,008.50. This trade represents a 11.28% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.77% of the company's stock.

Northern Trust Profile

Northern Trust Corporation, a financial holding company, provides wealth management, asset servicing, asset management, and banking solutions for corporations, institutions, families, and individuals worldwide. It operates in two segments, Asset Servicing and Wealth Management. The Asset Servicing segment offers asset servicing and related services, including custody, fund administration, investment operations outsourcing, investment management, investment risk and analytical services, employee benefit services, securities lending, foreign exchange, treasury management, brokerage services, transition management services, banking, and cash management services.